Biden government won’t rule out restrictions on exports to lower gas prices, says Granholm

US President Joe Biden does not rule out using export restrictions to ease rising domestic fuel prices, US Secretary of Energy Jennifer Granholm said Tuesday.

Asked if the United States is considering curbing petroleum exports to lower fuel prices, Granholm said, “I can confirm that the president is not taking any tools off the table.”

Jennifer Granholm energy

US Secretary of Energy Jennifer Granholm testifies before a Senate Energy and Natural Resources Committee on the 2023 budget for the Department of Energy, May 5, 2022, in Washington, DC. (Photo by NICHOLAS KAMM/AFP via Getty Images / Getty Images)

Granholm spoke to reporters during a tour of Bayou Choctaw’s salt dome, part of the country’s Strategic Petroleum Reserve system that stores emergency crude oil supplies.

ENERGY EXPERT WARNS OF GLOBAL ‘CRISIS’

The Biden administration is struggling to fight rising inflation, including record pump pump prices, driven by rising demand since the depth of the COVID-19 pandemic and supply disruptions since Russia’s invasion of Ukraine.

The rising costs are seen as a major vulnerability for Biden’s fellow Democrats leading into November’s midterm elections.

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So far, the government has announced that a record amount of crude oil will be released from the SPR in the coming months, and is considering other options, including a release from emergency diesel stockpiles and the lifting of anti-smog regulations for gasoline to make the fuel more available.

Joe Biden

President Joe Biden (AP Photo/Evan Vucci/AP Newsroom)

The Energy Department officially announced a sale of 40.1 million barrels from the SPR on Tuesday, including up to 7.1 million barrels from Bayou Choctaw, as part of the government’s announcement in March to release 1 million barrels of oil per day for six months. to give.

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The SPR offers up to 39 million barrels of sour crude, which is higher in sulfur, and 1.1 million barrels of sweet crude. It plans to deliver the sour crude from July 1 to August 15 and the sweet crude from June 21 to June 30.

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